On a conference call with analysts, Chief Financial Officer Daniel Freiman said Rothschild & Co was advising on the process. Roberto Rittes, head of Nextel Brazil, said telecom regulator Anatel was likely to raise spectrum cap limits in the fourth quarter, which would speed up a potential sale.

In June, NII shares soared as much as 31 percent after Reuters reported that NII had hired Rothschild to explore a sale of Nextel Brazil. (Reporting by Gram Slattery Editing by Susan Thomas)